Tokyo 2016 bid to withstand crisis

Published November 23, 2008

TOKYO, Nov 22: Tokyo’s bid committee for the 2016 Olympics says the Japanese government’s $100 billion loan to the International Monetary Fund demonstrates the resilience of the country and the bid against the global economic downturn.

“Japan’s loan to the IMF and its strong banking sector demonstrates the county’s ability to withstand the current global economic situation,” Tokyo’s bid committee said in a statement released Friday.

Tokyo is competing with Chicago, Madrid and Rio de Janeiro to host the 2016 Summer Games.

Tokyo has proposed a compact Games, using many facilities that were built for the 1964 Olympics. Five new venues will be built, each with a sustainable post-Games business plan, the statement said.

“Tokyo’s contribution to the IMF is evidence of the strength of the Japanese economy to overcome the current financial difficulties,” said Tokyo 2016 bid chairman Ichiro Kono. “I believe Tokyo 2016 and the Olympic movement will benefit from the country’s strong financial position.”

Japan pledged $100 billion to the IMF’s measures for tackle the current financial crisis.

Tokyo’s bid topped the International Olympic Committee’s technical evaluation in June but Barack Obama’s victory in this month’s U.S. presidential election appears to have given his home city of Chicago a boost in the bidding race.

The IOC will vote on the host city on Oct. 2 next year.—AP

Opinion

Editorial

Judiciary in the dock
Updated 22 Feb, 2025

Judiciary in the dock

Recent developments in SC and IHC certainly seem to have lent credibility to perception that judges perceived as a 'threat’ are being sidelined.
Paying taxes
22 Feb, 2025

Paying taxes

FINANCE Minister Muhammad Aurangzeb’s ‘hard talk’ at a retail business conference on Thursday was long ...
Rules for thee
22 Feb, 2025

Rules for thee

IT was a year ago when, in the tumultuous aftermath of the 2024 elections, the state banned X. Today, it remains...
Ukraine initiative
Updated 21 Feb, 2025

Ukraine initiative

Whether Trump’s Ukraine peace initiative succeeds or not, it will be difficult for Kyiv, Europe to face Russian military machine without US support.
High cost of SOEs
21 Feb, 2025

High cost of SOEs

THERE are losses and then some. The finance ministry’s latest overview of the federally owned state enterprises...
Poor impression
21 Feb, 2025

Poor impression

RECENT developments in the Senate have provided cause for concern on how parliamentary business is being conducted....